2024

April

when

Read

A Federal High Court sitting in Abuja has today ordered that detained Binance executive, Tigran Gambaryan be remanded at the Nigerian Correctional Service pending the determination of his bail application. The court also overruled his legal team’s argument that he should not to be held liable for the actions of the crypto company. 
According to a <a href="https://nairametrics.com/2024/04/08/court-remands-binance-agent-gambaryan-in-prison-approves-efccs-trial-of-cryptocurrency-platform-others/" target="_blank" rel="noreferrer noopener">report</a>, the presiding judge, Justice Emeka Nwite during the proceedings today ordered the defendant (Tigran) to take the plea immediately, for himself and on behalf of Binance whom he represents in Nigeria. 
Recall that during the court session last Thursday, Tigran Gambaryan’s lawyer, Mark Mordi SAN contended that his client cannot take his plea because he refused to accept service on behalf of Binance as he is not authorised to do so. 
According to him, the Administration of Criminal Justice Act mandates the antigraft agency to ensure that the company (Binance) would have been served. Consequently, the company would appoint a representative in writing. This is only when services and processes can be served on Binance or the recognised representative. 
Read also: <a href="https://technext24.com/2024/04/04/nigeria-arraign-binance-laundry-35m/">Nigeria arraigns detained Binance executive for money laundry of over $35m, family pleads for release</a> 
“The first defendant(Binance) has no physical footprint in Nigeria and does not have an agent in the country. I urge my lord to discountenance the submission of the EFCC and adjourn so that they can effect service on Binance.”, he added. 
In response, EFCC counsel, Ekene Iheanacho maintained that though there is no physical presence of Binance in Nigeria, Tigran Gambaryan is the cryptocurrency platform’s agent in the country. “This defendant is the only agent of Binance in Nigeria and he qualifies to be an agent,” he added. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="1200" height="960" src="https://technext24.com/wp-content/uploads/2024/03/Tigran-Gambaryan.jpg" alt="Tigran Gambaryan" class="wp-image-228714">
 <figcaption class="wp-element-caption">
 Tigran Gambaryan
 </figcaption>
 </figure>
</div> 
At the proceeding today, Justice Nwite held that Section 478 of the Administration of Criminal Justice Act, states that a person effecting service shall effect same to a chief agent of a company within jurisdiction among others. The judge observed that Gambaryan’s lawyers had deposed in an affidavit along with Nadeem, that they “visited Nigeria for the purpose of attending a meeting with Nigerian government officials on behalf of Binance.” 
“From the above statement, the second defendant is the duly appointed representative of Binance. The second defendant is bound to receive summons on behalf of Binance. The service of the second defendant on behalf of the first defendant is a proper service. The court should proceed with the arraignment of the defendants”, the judge ruled. 
After hearing from both lawyers, the judge adjourned EFCC’s case to the 2nd of May 2024, for trial and 18th of April 2024 for bail application. 
<h5 id="efcc-arraigned-tigran-gambaryan-over-over-35m" class="wp-block-heading">EFCC arraigned Tigran Gambaryan over over $35m</h5> 
Recall that the Government of Nigeria arraigned&nbsp;<a href="https://www.linkedin.com/in/tigran-gambaryan-0852679a" target="_blank" rel="noreferrer noopener">Tigran Gambaryan</a> at an Abuja court on four counts of charges that include tax evasion and money laundering. 
The charges include non-payment of value-added tax (VAT), company income tax, failure to file tax returns, and complicity in helping customers evade taxes through the Binance platform. The Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country. 
A notable item in the suit references Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 (amended). Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="1140" height="570" src="https://technext24.com/wp-content/uploads/2024/04/tigran.jpeg" alt="Nigerian court remands Binance executive, Tigran Gambaryan in custody" class="wp-image-229892">
 <figcaption class="wp-element-caption">
 Tigran Gambaryan and his counsels at the Federal High Court today. Source: Nairamatrics.
 </figcaption>
 </figure>
</div> 
Read full:&nbsp;<a href="https://technext24.com/2024/03/25/nigeria-tax-evasion-charges-binance/">Nigeria files tax evasion charges against Binance</a> 
Specifically, the document detailed instances where Binance violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers. 
According to&nbsp;<a href="https://www.reuters.com/world/africa/detained-binance-executive-court-nigerian-tax-money-laundry-charges-2024-04-04/" target="_blank" rel="noreferrer noopener">Reuters</a>, Gambaryan was served with the charges of money laundry of over $35 million, for the first time since his detention during his court appearance and did not take a plea. He will be formally arraigned for the money laundering and tax charges on April 8 and 19, respectively, when his plea will be taken. 
In a separate shared with Technext, Binance, which was not represented in court requested on Wednesday that the Nigerian Government release Gambaryan since he had no decision-making authority in the company and cannot be held responsible. 
According to the&nbsp;<a href="https://www.binance.com/en/blog/all/statement-regarding-tigran-gambaryan-2326990525324609917" target="_blank" rel="noreferrer noopener">statement</a>, Tigran is well known as the world’s preeminent cyber crimes investigator with a book,&nbsp;Tracer’s in the Dark, written about his efforts to bring down some of history’s most notorious cyber criminals. 
The company also intimated that discussions are ongoing with the Nigerian government. “Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials”, it concludes.

Nigerian court remands Binance executive, Tigran Gambaryan in custody

Technext.ng

Other articles published on Apr 8, 2024

Telcoin Price Prediction 2023-2032: Is TEL a Good Investment?

Shiba Inu Team Warns Against Fake Sheboshis, Urges Community Vigilance

NiceHash Celebrates 10 Years with Bitcoin-centered Conference in Maribor

AFAQ Group Announces the 26th edition under the title of Innovation Digital Economy Summit- JOEF

Crypto Stocks Rally as Bitcoin Breaks $72,000 Barrier

Unleashing the Meme Revolution: CashPepe Empowers Creators in the Digital Age

Join our free newsletter for daily crypto updates!